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Mortgage loans: a private partnership is formed and creates the first Argentine closed-end fund in dollars - Ambito Financiero
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www.ambito.com
August 24, 2025
By Jose Luis Cieri
The CNV approved an instrument that aims to mobilize up to US$100 million and seeks to expand access to loans for home purchases.
A couple uses a computer to review alternatives for purchasing a home through new mortgage financing options.Artificial Intelligence Image
The Argentine real estate market adds a new chapter in the search for financing alternatives for home purchases . The National Securities Commission (CNV) approved the creation of the first Closed-End Mutual Fund (FCIC) aimed at promoting mortgage lending in dollars in the country. The vehicle, called Allaria-Lendar, plans to mobilize up to US$100 million and is presented as a tool to channel private savings into mortgage loans, in a context where demand for credit far exceeds supply.
The fund was designed by three major players in their sectors: Allaria , a leading player in the capital markets; Lendar, the country's leading collaborative lending company; and Re/Max, a real estate network with a presence in Argentina and Uruguay. The scheme calls for Allaria Fondos to act as manager, arranger, and underwriter; while Banco Comafi will act as deposit and custody agent.
The launch represents a milestone within the local financial system , directly linking investors with borrowers in a system that doesn't rely exclusively on banks. The approval, although conditional, marks a step forward in the sophistication of the instruments available in the capital market .
Gonzalo Estívariz , co-founder of Lendar, explained that "the goal is to connect investors with the real economy, generating a virtuous cycle that facilitates access to credit without relying exclusively on the traditional banking system."
From left to right: Néstor Osvaldo De Cesare and Juan Politi, from Allaria Fondos Administrados, Dotti Peñate, CEO of Re/Max, Gonzalo Estívariz, from Lendar, and Sebastian Sosa, president of Re/Max
He also emphasized that this structure "allows for portfolio diversification, generating attractive returns, and at the same time boosting consumption and productive investment."
De Cesare added that the expected return for investors is around 9.5% per year in dollars, with the guarantee of mortgage backing. The loan-to-property ratio will remain low, and installments will not exceed 40% of applicants' declared income. "This product allows for diversification and is not correlated with the typical volatility of the financial market," he explained.
For his part, Sebastián Sosa , president of Re/Max Argentina and Uruguay, highlighted the initiative's impact on the market: " This fund is a major step forward for strengthening Lendar, an exclusive tool for our network that has already helped more than a thousand families achieve their dream of owning a home. With this alliance, customers will have more opportunities to access a mortgage loan, and this has a direct impact on the growth of the real estate market and the country's real economy."
The product will be available through Allaria's ecosystem of services, which allows for digital investing. Once the conditions outlined by the CNV are met, it will become operational.
In practice, the fund will serve as an additional source of financing for Lendar's loans, which already operate in nine provinces and work with more than 15 notary offices across the country. The loans will be in dollars, at fixed rates close to 9.5% per year and with terms between one and five years.
Basic requirements include ID and proof of income: the last three pay stubs for employees, or six months' worth of billing for self-employed individuals and registered taxpayers. The analysis focuses on ensuring that the contribution does not exceed 40% of income, with the possibility of adding a co-guarantor.
The real estate market adds dollar-denominated credit options with the launch of Argentina's first closed-end mortgage loan fund.
Financing will cover up to 35% of the property's value, with fixed installments in dollars that are not adjusted throughout the life of the loan. This way, the borrower knows from the start how much they will pay each month.
Lendar's collaborative model has already shown 321% growth in the last two years, reflecting the unmet demand for mortgage loans. With the scale the fund can provide, it is expected to accelerate loan placement and provide predictability to financing terms.
This initiative comes at a time when the national government is seeking to stimulate construction and mortgage lending, with measures such as divisible mortgages and a new money laundering scheme. The existence of financial vehicles such as the Allaria-Lendar Fund provides another alternative in a context of high demand and restricted access to bank credit.
Finally, Sosa emphasized that the initiative could also send a signal to the market about the role of the private sector in an area historically associated with public policy. “In Argentina, mortgage lending has always depended on government decisions. This private model demonstrates that there are alternatives to expand access without waiting for state measures,” he concluded.
www.buysellba.com
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Créditos hipotecarios: nace alianza privada y crea el primer fondo argentino cerrado en dólares
La CNV aprobó un instrumento que prevé movilizar hasta u$s100 millones y busca ampliar el acceso a préstamos para comprar vivienda.
www.ambito.com
August 24, 2025
By Jose Luis Cieri
The CNV approved an instrument that aims to mobilize up to US$100 million and seeks to expand access to loans for home purchases.
A couple uses a computer to review alternatives for purchasing a home through new mortgage financing options.Artificial Intelligence Image
The Argentine real estate market adds a new chapter in the search for financing alternatives for home purchases . The National Securities Commission (CNV) approved the creation of the first Closed-End Mutual Fund (FCIC) aimed at promoting mortgage lending in dollars in the country. The vehicle, called Allaria-Lendar, plans to mobilize up to US$100 million and is presented as a tool to channel private savings into mortgage loans, in a context where demand for credit far exceeds supply.
The fund was designed by three major players in their sectors: Allaria , a leading player in the capital markets; Lendar, the country's leading collaborative lending company; and Re/Max, a real estate network with a presence in Argentina and Uruguay. The scheme calls for Allaria Fondos to act as manager, arranger, and underwriter; while Banco Comafi will act as deposit and custody agent.
The launch represents a milestone within the local financial system , directly linking investors with borrowers in a system that doesn't rely exclusively on banks. The approval, although conditional, marks a step forward in the sophistication of the instruments available in the capital market .
Alternative proposal
The initiative seeks to fill a glaring gap: the low level of mortgage financing in Argentina, where bank loans fall far short of housing demand ( although they currently represent 21% of all mortgage transactions between Buenos Aires City and the province of Buenos Aires ). According to data from Lendar, in recent years more than 1,000 families have gained access to housing through collaborative loans, a mechanism now complemented by the creation of the fund.Gonzalo Estívariz , co-founder of Lendar, explained that "the goal is to connect investors with the real economy, generating a virtuous cycle that facilitates access to credit without relying exclusively on the traditional banking system."
From left to right: Néstor Osvaldo De Cesare and Juan Politi, from Allaria Fondos Administrados, Dotti Peñate, CEO of Re/Max, Gonzalo Estívariz, from Lendar, and Sebastian Sosa, president of Re/Max
He also emphasized that this structure "allows for portfolio diversification, generating attractive returns, and at the same time boosting consumption and productive investment."
Market Outlook
The stakeholders agree that there is an opportunity to expand the mortgage financing base. Néstor de Cesare , president of Allaria Fondos, stated that "the capital market needed an instrument that would help boost the development of mortgage lending by financing new loans."De Cesare added that the expected return for investors is around 9.5% per year in dollars, with the guarantee of mortgage backing. The loan-to-property ratio will remain low, and installments will not exceed 40% of applicants' declared income. "This product allows for diversification and is not correlated with the typical volatility of the financial market," he explained.
For his part, Sebastián Sosa , president of Re/Max Argentina and Uruguay, highlighted the initiative's impact on the market: " This fund is a major step forward for strengthening Lendar, an exclusive tool for our network that has already helped more than a thousand families achieve their dream of owning a home. With this alliance, customers will have more opportunities to access a mortgage loan, and this has a direct impact on the growth of the real estate market and the country's real economy."
How it will work
The issue will be carried out in stages. The initial tranche will include between $2,500,000 and $10,000,000 , with a maximum authorized amount of $100 million. The minimum investment to participate will be $500, opening the door to small investors interested in the real estate market.The product will be available through Allaria's ecosystem of services, which allows for digital investing. Once the conditions outlined by the CNV are met, it will become operational.
In practice, the fund will serve as an additional source of financing for Lendar's loans, which already operate in nine provinces and work with more than 15 notary offices across the country. The loans will be in dollars, at fixed rates close to 9.5% per year and with terms between one and five years.
Requirements and conditions
The scheme aims to simplify access to loans. Unlike traditional bank loans, the process is completed in shorter periods: from application to approval, it can take as little as seven days.Basic requirements include ID and proof of income: the last three pay stubs for employees, or six months' worth of billing for self-employed individuals and registered taxpayers. The analysis focuses on ensuring that the contribution does not exceed 40% of income, with the possibility of adding a co-guarantor.
The real estate market adds dollar-denominated credit options with the launch of Argentina's first closed-end mortgage loan fund.
Financing will cover up to 35% of the property's value, with fixed installments in dollars that are not adjusted throughout the life of the loan. This way, the borrower knows from the start how much they will pay each month.
Impact on the real economy
The potential of the new fund isn't measured solely in financial terms. Sosa emphasized that each real estate transaction mobilizes around 20 related activities, from architects and painters to moving services and appliance purchases. He stated: "Therefore, expanding access to credit also means boosting sectors associated with construction and consumption."Lendar's collaborative model has already shown 321% growth in the last two years, reflecting the unmet demand for mortgage loans. With the scale the fund can provide, it is expected to accelerate loan placement and provide predictability to financing terms.
Challenges and expectations
The initiative's promoters recognize that the main challenge will be generating trust in a novel product. "A disruptive instrument always faces the challenge of demonstrating its robustness. We trust the partners in this alliance. This combination is the foundation for scaling this model," De Cesare stated.This initiative comes at a time when the national government is seeking to stimulate construction and mortgage lending, with measures such as divisible mortgages and a new money laundering scheme. The existence of financial vehicles such as the Allaria-Lendar Fund provides another alternative in a context of high demand and restricted access to bank credit.
Keys to the new fund
- Total authorized amount: up to US$100 million.
- First tranche of issue: between US$2.5 and US$10 million.
- Minimum investment: US$500.
- Loan terms: between 1 and 5 years.
- Estimated fixed rate: 9.5% per year in dollars.
- Credit coverage: up to 35% of the property value.
- Share/income ratio: less than 40%.
Finally, Sosa emphasized that the initiative could also send a signal to the market about the role of the private sector in an area historically associated with public policy. “In Argentina, mortgage lending has always depended on government decisions. This private model demonstrates that there are alternatives to expand access without waiting for state measures,” he concluded.
www.buysellba.com
